Although Christmas is now well and truly over for now, many of us are still trying to cope with the debt that we accrued on our credit cards over the festive season, with many having to make monthly repayments on their credit card debt, which often involves paying a lot of interest to the credit card provider.
Most of us do know that our choice of credit card can affect the amount of interest that we pay on our credit card debt, and that by switching from a high interest credit card to a low interest or interest free card we can effectively save money on interest payments and could clear the credit card debt more quickly.
However, worrying research has shown that a huge number of us are failing to switch to a more suitable and affordable credit card deal, despite the fact that we have high interest credit cards with debts accrued on them. This means that many of us are paying far more than we need to on our credit card debt, and lining the pockets of the credit card providers.
In fact, the results of recent research showed that out of all the consumers that promised themselves that they would switch to a more suitable and cheaper credit card deal after Christmas, such as an interest free credit card or a
0% balance transfer credit card, a massive two thirds of us have failed to do so. This means that a lot of people are collectively paying huge amounts of unnecessary interest to credit card providers.
There are a number of credit card deals available that could help you to save money in terms of interest, and the Internet makes it easy to browse and choose the best suited card. One official said: "There are some fantastic 0% deals out there at the moment... However, while 0% deals give you breathing space from interest charges, you should always try to make more than the minimum repayments in order to make progress on paying off your debt. If you don't think you will have cleared your debt by the end of the 0% deal, you might be better off looking at lifetime balance transfer cards."
It's always a good idea to compare credit cards before you choose one to apply for. While you will still need a good credit history to be approved due to the credit crunch, there are still a range of deals available, and you can even get deals that last months longer than the standard 12 month deals - up to 15 months in fact.
